The Commonwealth Bank of Australia (ASX: CBA) share price is up 0.6% in late afternoon trade, back at $100 per share.
This marks the 4th day of gains for Commonwealth Bank shares this week, with CBA slipping only on Wednesday.
What drew investor interest in CBA this week?
Commonwealth Bank likely popped onto many investors’ radars on Monday when analysts at Bell Potter released a note with some impressive forecasts for the bank’s upcoming full year results. Bell Potter is predicting a 16.5% increase in CBA’s cash net profit after tax, year-on-year, to $8.51 billion.
On Tuesday, when shares closed the day up 1.6%, Commonwealth Bank was back in the financial news over a reported spat with Apple Inc (NASDAQ: AAPL).
This, after CEO Matt Comyn complained to a Federal parliamentary committee that the US tech giant was abusing its near monopoly market powers with its Apple Pay system. Comyn said more government regulation was needed to level the playing field.
On Wednesday, the only day the bank’s shares closed lower this week, CBA’s head of economics Gareth Aird sounded the alarm on the looming economic hit facing the nation as much of New South Wales is looking at protracted lockdowns. “A deep contraction in GDP over third quarter of 2021 is now a fait accompli. It is the inevitable consequence of shutting down large parts of the economy,” Aird said.
Investors also took note on Wednesday after Commonwealth Bank announced a major shakeup for its regional branch network. The opening hours of branches in 90 regional locations were scaled back and staff will be reallocated to Aussie-based contact centres.
How have Commonwealth Bank shares been moving?
The CBA share price is up 37% over the past 12 months, well ahead of the 23% gains posted by the S&P/ASX 200 Index (ASX: XJO).
Year-to-date Commonwealth Bank shares have gained 19%